suppose that maine lobsters can be sold only
in the united states. the u.s. demand schedule for maine lobsters is as
follows:

price of lobster quantity of lobster demanded

(per pound) (pounds)

$ 25 200

$ 20 400

$ 15 600

$ 10 800

$ 5 1,000

a. looking at both the schedules of supply
and demand, as well as the graph of the demand and supply curve for mainelobsters, what is the equilibrium
price of lobsters and the equilibrium quantity of lobsters demanded and supplied
at that price?

b. now, suppose that maine lobsters can also
be sold in france.the french demand
schedule for maine lobsters is asfollows:

price of lobster quantity of lobster demanded

(per pound)
(pounds)

$ 25 100

$ 20 300

$ 15 500

$ 10 700

$ 5 900

what is the demand schedule for maine
lobsters now thatfrench consumers
can also buy them?

c. using the combined u.s. and french demand
schedule, the u.s. demand schedule and the supply schedule, and the graph
below, analyze the change in the market for lobsters. (hint: use the 10
question worksheet approach) explain
your analysis and answer these two questions.